National Payments Corporation of India
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| Section 8 Company | |
| Industry | Payments |
| Founded | 2008 |
| Headquarters | Mumbai, Maharashtra, India |
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Key people
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Balachandran M, Chairman AP. Hota, MD & CEO |
| Products | National Financial Switch (NFS), National Automated Clearing House(NACH), Immediate Payment Service (IMPS), RuPay, Cheque Truncation System (CTS), Aadhaar Enabled Payment System (AePS), Unified Payments Interface(UPI), *99# (NUUP), BHIM |
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Number of employees
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700+ |
| Website | npci |
Balachandran M, Chairman
National Payments Corporation of India (NPCI, Hindi: भारतीय राष्ट्रीय भुगतान निगम) is the umbrella organisation for all retail payment systems in India, which aims to allow all Indian citizens to have unrestricted access to e-payment services.
Founded in 2008, NPCI is a not-for-profit organization registered under section 8 of the Companies Act 2013. The organization is owned by a consortium of major banks, and has been promoted by the country’s central bank, the Reserve Bank of India. Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions.
It has successfully completed the development of a domestic card payment network called RuPay, reducing the dependency on international card schemes. The RuPay card is now accepted at all the ATMs, Point-of-Sale terminals and most of the online merchants in the country. More than 300 cooperative banks and the Regional Rural Banks (RRBs) in the country have also issued RuPay ATM cards.
More than 250 million cards have been issued by various banks, and it is growing at a rate of about 3 million per month. A variant of the card called ‘Kisan Card’ is now being issued by all the Public Sector Banks in addition to the mainstream debit card which has been issued by 43 banks. RuPay cards are also issued under the Jan Dhan Yojana scheme. RuPay card was dedicated to the nation by the President, Pranab Mukherjee on 8 May 2014.
The NPCI was incorporated in December 2008 and the Certificate of Commencement of Business was issued in April 2009. The authorised capital has been pegged at ₹3 billion (US$45 million) and paid up capital is ₹600 million (US$8.9 million).
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